Wichita State University releases housing market forecast, rising prices to continue

Housing forecasts predicts rising prices amid shortage
Published: Oct. 7, 2021 at 7:51 PM CDT
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WICHITA, Kan. (KWCH) - Wichita State University released the 2022 Kansas Housing Market Forecast on Thursday.

Experts like Stan Longhofer, with the Center of Real Estate at WSU, say home prices are expected to continue rising and now is as good to buy. He says waiting for the prices to fall isn’t in the buyer’s best interest.

“This year, we’re forecasting that home prices in the Wichita area will increase almost 11 percent and then another 6.8 percent next year. But it’s been driven by the fact that there aren’t very many homes for sale,” he said.

Thursday morning, Longhofer explained to the Kansas Association of Realtors that they should encourage their clients to start looking at homes now. He said we’re in a seller’s market which means fewer houses are up for sale, and that means, they’re selling faster.

“The prices are going up and it means that you have to move very very quickly because very frequently the homes sell within a day or two of being on the market,” Longhofer.

Annette Oliver is looking to move from Maryland to Wichita to be closer to her mother. She knows, firsthand, that properties in her price range are in high demand.

“I need a home because I’m coming back to Wichita. So, my mom’s there and I need to take care of her. So, I was going to go back and forth so I could spend more time with her however the market is crazy,” said Oliver.

She said it’s hard to find a home that meets her needs and is within her price range.

“I have to get in an older home, so I can’t really get a new home, and it’s hard to get anything with any acreage,” said Oliver.

Longhofer said it could take several years to see home prices go down. Until then, he said buyers will need to move quickly.

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